UPDATE 1-Brazil lowers import tariffs on capital goods, white goods by 10% - economy ministry

Adds details

By Jamie McGeever

BRASILIA, March 17 (Reuters) - Brazil is lowering import tariffs on almost 1,500 capital goods and white goods by 10%, the economy ministry said on Wednesday, a measure aimed at reducing import costs and consumer prices and which will take effect later this month.

The reduction will "lower machinery and equipment costs, increasing the competitiveness of industry, services and agribusiness, resulting in lower prices for the Brazilian consumer," the ministry said in a statement.

Import tariffs on these goods currently vary between zero and 16%, the ministry said.

"All 2% rates will be reduced to zero, reducing bureaucracy and making life easier for importers and consumers," the ministry added.

Annual inflation in Brazil is running at its highest in four years, at 5.20%, and is widely expected to rise in the coming months to over 6%.

The central bank, which is expected to raise interest rates later on Wednesday for the first time in six years, has an official year-end inflation target of 3.75%.

(Reporting by Jamie McGeever; editing by Jonathan Oatis and Rosalba O'Brien)

((jamie.mcgeever@thomsonreuters.com; +55 (0)11 97189 3169; Reuters Messaging: jamie.mcgeever.reuters.com@reuters.net))